National Corporations Act: 1785
The National Corporations Act: 1785 – 9 Cel. I c.3 Be it enacted by the King's Divine Majesty, by and with the advice and consent of the Councils of Nobles and of Ministers, in this present Parliament assembled, and by the authority of the same, as follows:- 1ai) A National Corporation is a limited company that is limited to a loss of fifty percent of its dept. This shall be paid by its shareholders to the value of fifty percent of their shares. 1aii) A National Corporation has half of its shares owned by the state and was either created or bought by the state. 1aiii) The remaining shares may be bought by whoever may wish to purchase them. 2ai) In 1785 the following were National Corporations a) The Bank of Pyrus b) The Pyrusian Colonial Corporation c) The Pyrusian Telecommunications Company 2aii) This Act provides for the incorporation of the Pyrusian Herald as a National Corporation. 2aiii) Also two new National Corporations shall be created a) The Pyrusian Mining Corporation b) The Pyrusian Printing Corporation 2bi) The Pyrusian Mining Corporation shall be sold all Pyrusian mines and mineral rights at a price determined by the Council of Finance. 3ai) A board of directors manages each National Corporation as if it were an individual. 3aii) The board of directors consists of a managing director elected by the board of directors. 3aiii) One director represents the Kingdom of Pyrus, this is the High Lord Lieutenant or his representative. 3aiv) Anyone owning at least ten percent of the shares in a National Corporation may be a director, if there are less than five directors the remaining shareholders elect directors as needed from their number. Each shareholder, but not those who own ten percent of shares may vote with one vote. 3bi) One director is appointed Company Secretary by the Managing Director. It is the Company Secretary’s responsibility to submit a report to the Council of Trade and Industry every year on the National Corporation. 3bii) The Council of Trade and Industry, or in such legislation as is thought right and proper, shall determine the information required in the Company Report. 4ai) A share index shall be created called the National Index of Pyrusian Shares (NIPS). 4aii) The NIPS share index shall be regulated by the Warden of the White Rod and shall contain listings for all National Corporations. 4aiii) The value of shares shall be taken on the first day of each month and shall be calculated as the value of the company divided by the number of shares. 4aiv) Most National Corporations shall have only one hundred shares and this may increase with the consent of the Council of Trade and Industry. 5ai) The Bank of Pyrus Act: 1772 is hereby repealed in its entirety. 6ai) The Council of Finance may propose in its budgets a Corporation tax which will be set and determined by them. 6aii) Corporation tax is a tax on the profits of a business, it is not a tax limited to National Corporations. 6bi) The Council of Finance may propose in its budgets that shareholders pay a duty on the shares they purchase. 6bii) This duty shall be known as Stamp Duty and is charged so that all share certificates can receive an official stamp of authenticity from the Council of Trade and Industry. 6biii) Stamp Duty shall be set by the Council of Finance in their budgets. 6ci) The Council of Finance may propose in its budgets that shareholders pay tax on the dividends they receive for their shares. 6cii) This tax shall be known as Capital Gains Tax and is set by the Council of Finance. 6di) The State does not pay tax to itself and so is immune to both Stamp Duty and Capital Gains Tax. Passed Mr Masony Cantolgard – First Minister For and on behalf of the Council of Ministers Passed His Imperial Highness, Celasin I the King of Pyrus For and on behalf of the Council of Nobles Signed His Imperial Highness, Celasin I the King of Pyrus Category:Pyrusian Statutes